Andrew Abraham

andy-0101 My name in Andrew Abraham. I have been investing in commodities and managed futures since 1994. I adhere to the philosophy of trend following. Trend following stresses a disciplined approach to commodity/ futures trading. Successful trend following and commodity futures investing requires patience, discipline and actively managing the risk. What sets me apart from other traders is that I am not only concerned about the return on investment but how much risk I will have to tolerate to achieve my goals.

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MF Global Commingling at the Bank Level

Where do you feel safe leaving your money? At the bank? Well, MF Global Commingling at the Bank Level has occurred. It has not occurred in the US(yet), the commingling of customer monies happened at a bank in Latvia. .

The big shocking difference is how the authorities/regulators have handled the commingling of customer money in the bank in Latvia. Bear in mind Latvia is a former Soviet union influenced republic without the same history of banking integrity as the US. According to Businessweek “The prosecutors issued an arrest warrant for Vladimir Antonov and Raimondas Baranauskas who are former shareholders of Bankas Snoras AB. Both are suspected of embezzlement and document forgery, the Prosecutor General said in a statement on its website today. Baranauskas is also suspected of accounting fraud and abuse of authority.

What is the difference between MF Global and Corzine and friends. Why haven’t prosecutors issued an arrest warrant for him? Why hasn’t he been questioned as to where the missing money is? Why haven’t the board members of MF Global been questioned? Why are Latvian investigators doing a better job than the FBI? Is it due to Corzine’s political connections? Is it fair that Corzine is out free and will have to answer at a Congress Hearing in which he might take the 5th amendment?

It is shocking that former Soviet controlled Latvia has a higher level of regulation and integrity than the US.

Has the integrity of the US Financial system fallen into the abyss? Where is the integrity? Who will be responsible if there is commingling at the bank level.

If MF Global is allowed to get away with commingling it will not be a surprise to see the same blowups at stock brokerage firms, other FCMS and yes…EVEN possibly your bank

Andrew Abraham
Abraham Investment Management

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3 comments to MF Global Commingling at the Bank Level

  • Andy Szokolay

    Corzine will have decided to dip into client funds,and his Chief Financial Officer, Henri Steenkamp will have engineered how to do it. Both these men can tell Trustee Gibbens where the money so called “dissapeared” to. Neither has been arrested, and both walk freely around New York. Meantime Gibbens has hired HUNDREDS of forensic accountants to look for the money, which expense comes out of the assets left over in Global. Corzine will not have to plead the 5th to Congress – he’ll just say Steenkamp did it – and where will Steenkamp be? – fled to South Africa, his home country, and safe from extraditon – I live in SA and Steenkamp will bribe his way out of extradition here for a few dollars. Meanwhile Canada made all it’s MFG clients 100% whole – this is a digrace to the USA, and Obama has not stepped in – a poor show indeed.

  • domenico laruccia

    not surprising US is shining … with this kind of currupted and inefficient legal, politics and social system, and a so weak President, they can only see negative paths.

  • domenico laruccia

    do not also surprise to me that the UK side was ok in terms of segregration preservation, while US not. the US system is gone and that’s why I renounced to work with MFG US preferring the UK side.

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